For most of us who are salaried individuals, loans can be a blessing in disguise. Whether it is a Car Loan, a House Loan or even a Personal Loan, we can use the amount to fulfil our requirements. In this article, we will give you all the information you need for a Personal Loan. Though there are many banks that sanction Personal Loans, here we will focus on Citibank Personal Loan. We will give you the various benefits and why it makes sense to get a loan from Citibank, so, read on to know more:
Unlike the other loans, a Personal Loan is not for a specific use. You may use it to go for a dream vacation, or do an extensive renovation of your home or even buy that gadget you had an eye on – Personal Loans give you the freedom to use the money as you desire.
Personal Loans have certain benefits that make it a favourite with many people:
No collaterals are involved: This is an unsecured loan, which means that you will not have to submit any item or mortgage your property to get the loan.
Personal Loans are cheaper than Credit Cards in the long run and are also much cheaper than cash advance loans.
Personal Loans are not specific – So you could use the loan money for whatever is your immediate requirement.
For most people, the eligibility to get a good Personal Loan at an attractive interest rate is to have a good credit score (700 or above) and a good income. Both will ensure that you get your loan at a price that will actually make more sense for you.
As we mentioned before, a Personal Loan from Citibank is a much better option for many people because it has various benefits associated with it:
The documentation and processing are very simple and straightforward, as such your loan amount can be credited to your account in less than 48 hours.
You have the freedom to choose how you pay back the bank – the tenure can be beginning from 12 months to 59 months.
You have a choice to repay the loan monthly in the form of equated monthly instalments (EMIs) and also have greater control in the interest rate.
If you are a Citibank customer, your loan is processed even faster and they do not even ask more many documents.
Here are the features of the Personal Loan and here is how you can make the most out of them:
You can take a minimum of Rs. 25,000 and a maximum of Rs. 30 Lakhs.
Your loan can be repaid in 12 months or as long as 59 months, depending on how much time you require.
The lowest interest rate provided by Citibank is 10.99%, but it may vary based on some factors like your salary, age, CIBIL score, and so on.
Citibank gives you the freedom to repay your loan according to your convenience. You could take either 12 months or 59 months. However, you have to keep in mind that the time you take to repay the loan will be proportional to the size of your repayment. Therefore, the longer you take to repay the loan, the more will be the interest.
Citibank offers the Personal Loan to salaried individuals, self-employed people and even businesspersons.
We hope that this article gives you all the information you need about the Citibank Personal Loan. The different sections will give you information on the features and benefits of taking a Citibank Personal Loan. Remember, taking a Personal Loan is not at all difficult and thanks to the experience of Citibank officials, you will be able to get your loan quickly and without much hassles. All you need to do is visit their online portal and get started and with proper documentation, the loan will be sanctioned to you in just 48 hours!
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